About This Chapter
Minimizing Risk With Business Impact Analysis - Chapter Summary
This set of videos takes employees through the step-by-step process of completing a business impact analysis (BIA), starting with what a BIA is and what it contains. Our experienced instructors will help your staff identify and plan for various risks to productivity and revenue in an engaging and memorable fashion, ensuring your managers walk away with loads of useful information that they remember and can put to use. The topics in this chapter include:
- What a BIA is
- Contents of a BIA
- Conducting a BIA
- Risk analysis/management
- External environment considerations
Our videos are formatted to be viewable on both computers and mobile devices, giving staff an opportunity to complete this corporate training at home or on the go. They can gauge their comprehension of key information about conducting a BIA by taking the self assessments quizzes after each lesson and at the end of the chapter. Have them print out the lesson transcripts for a handy reference to keep at their desk.
How It Helps
- Broadens awareness: Employees will not only understand how to complete a BIA, but they will also have a greater understanding of the reasons they are completed and how to anticipate viable risks to the organization.
- Increases preparedness: As your staff implement the lessons taught here, they will craft thorough and relevant impact analyses, ensuring your organization has the resources and tools it will need to withstand environmental, economic, or social hardship.
- Streamlines recovery: When crisis does strike, your organization will quickly react and recover - lessening the impact of the event(s) and shorting the time to stabilization - because your employees will have prepared and will fully understand their role in the recovery process.
By the end of this chapter, employees will be able to:
- Describe what a BIA is, what it does, and why it's important to a business
- Identify the elements of a BIA and what goes into each part
- Complete a detailed and thorough BIA
- Conduct a risk analysis
- Recognize the external environmental changes that drive risk management
1. What Is a Business Impact Analysis (BIA)?
Business impact analysis (BIA) involves reviewing the processes of a business to prepare operations and finances for unexpected events. Learn about the importance of executive leadership, organizational understanding, analytical tools, and reporting in the BIA process.
2. Elements of a Business Impact Analysis
A business impact analysis (BIA) determines crucial business operations and compiles information for planning against unexpected events that can halt these operations. Identify the processes of data collection, analysis, prioritization of unit, and the importance of gaining approval.
3. How to Conduct a Business Impact Analysis
A business impact analysis (BIA) demonstrates important information a company can use to plan for unexpected events. Explore each step of the BIA process from project development to reporting findings.
4. Practical Application: Conducting a Business Impact Analysis
This scenario will help you practice the skill of conducting a business impact analysis. During this activity, you'll analyze a scenario where a company wants to conduct a business impact analysis, then you'll write one of your own.
5. What is Project Risk Management? - Definition, Process & Examples
Project risk management involves analyzing risks to be prioritized and mitigated related to project execution. Learn about the importance and steps of risk management through examples of specific strategies, including avoidance, mitigating, transferring, and accepting.
6. External Environmental Changes Drive the Need for Risk Management
Risk management, or reducing the impact of negative consequences from any event, is impacted by the economic environment. Explore the basics of risk management, external environmental factors, and how incessant change demands evolving strategies to compensate.
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